SSR Mining Inc. Q4 2025 Earnings Call Summary

Delivered 2025 production above the midpoint of guidance, driven by record processing volumes at Puna and exceptional recovery performance at Cripple Creek and Victor (CC&V).

Generated $252 million in full-year free cash flow, supporting a robust liquidity position of over $1 billion to fund both growth capital and shareholder returns.

Reestablished a $300 million share buyback program based on management’s view that the current share price does not reflect the intrinsic value of the diversified portfolio.

Successfully integrated CC&V, which generated over $200 million in mine site free cash flow in 2025, more than doubling the initial $100 million upfront acquisition cost.

Advanced the Hod Maden project through a Technical Report Summary (TRS) that confirms its status as a high-grade, first-quartile copper-gold asset with a 39% IRR.

Implemented a sophisticated ‘durable vs. nondurable’ ore blending strategy at Marigold to mitigate historical heap leach compression issues and optimize gold recovery.

Maintained a conservative reserve price assumption of $1,700 per ounce gold, prioritizing margin preservation over volume expansion via lower cutoff grades.

2026 production guidance is 450,000 to 535,000 gold equivalent ounces. Production at CC&V is expected to be 50% to 55% weighted to the second half of the year, while Seabee production is expected to be approximately 60% weighted to the second half.

Anticipate a formal construction decision for Hod Maden following joint venture reviews, with early site works currently funded at approximately $15 million per month.

Planned 2026 capital spend of $150 million includes significant fleet replacements and leach pad expansions at Marigold to support long-term haulage requirements.

Strategic focus at Puna involves evaluating pit laybacks and the Cortaderas underground deposit to extend the mine life well beyond the current 2028 projection.

Expect to release an updated Marigold TRS within 18 months to integrate the Buffalo Valley and New Millennium deposits into the long-term production profile.

Çöpler remains in care and maintenance with estimated cash costs of $20 million to $25 million per quarter while regulatory discussions regarding the heap leach facility continue.

All-in sustaining costs (AISC) for 2025 reached the top end of guidance due to higher-than-forecasted royalty costs tied to elevated gold prices and share-based compensation.

Marigold’s 2026 AISC is expected to be highest in the first half, reflecting a 70% weighting of sustaining capital expenditures for fleet and process plant improvements.

Seabee operations will focus on underground development in the first half of 2026 to improve stope availability, resulting in a production-heavy fourth quarter.